RBZ Halts Gold Coin Sales After Stock Clearance https://www.263chat.com/rbz-halts-gold-coin-sales-after-stock-clearance/ By Takudzwa Tondoya The Reserve Bank of Zimbabwe (RBZ) has officially suspended the sale of gold coins ending what it described as a targeted clearance of existing stock and not the resumption of new minting. In a statement, RBZ Governor John Mushayavanhu clarified that the recent gold coin activity was part of a mop-up operation aimed at liquidating remaining inventory not introducing newly minted coins — production of which was halted earlier this year. “The Reserve Bank would like to clarify that this was a sale meant to clear remaining stock and not the minting of new gold coins which had been suspended in April 2024. The latest round of gold coin sales also included coins redeemed by holders,” said Mushayavanhu. He indicated that moving forward, the central bank would only resume gold coin sales after a significant quantity has been collected through redemptions. “The Reserve Bank further advises that future gold coin sales will be undertaken upon accumulation of a sizeable quantity from redemptions,” he added. Despite the halt in new sales, gold coins already in circulation remain fully functional as investment instruments. “Investors are advised that gold coins in the market remain tradeable and redeemable,” Mushayavanhu said. The suspension is part of a broader effort by the RBZ to strengthen monetary policy and promote a culture of saving through diverse financial products. “Further, the Reserve Bank would like to take this opportunity to reaffirm its commitment to continuously avail alternative financial market instruments to promote savings, as well as achieve its monetary policy objectives,” he said. The gold coin initiative, launched in 2022 to curb inflation and stabilize the Zimbabwean dollar, had been viewed as a strategic financial tool.